If you’re unemployed or underemployed—for example, you’re only working part-time—you may not be making as much money as you’d like. This situation can be especially stressful if you’ve been unexpectedly laid off. If you’re worried about cash flow, rest assured that there are many ways you can help make up for the loss of income. The below guide details how you can make some extra money if you’re unemployed or underemployed.
Identify the talents you can leverage for a side hustle
Understanding your strengths and weaknesses can help you identify a fitting side hustle. For example, if you speak a foreign language, you can teach it. Another example: If you have a great eye for detail and good organizational skills, interior design may be for you. You can find freelance interior design or decorating work if you set up your own business. Starting this type of business will require writing a business plan, picking a business structure, naming your company, and finding funding. Online guides can walk you through each step.
Research different gigs you can do
There are many types of side hustles you can pursue—and there’s an option to suit every preference and personality type. For example, if you want to work from home, you might try online tutoring. If you want to get out and about, you might try driving for Uber or Lyft. Time offers a list of possible side hustles to consider, from monetizing your property by starting an AirBnB to selling goods online.
Look for the type of gig you want
Once you know what side hustle is right for you, figure out how you’re going to land the job. In some cases, you may want to start your own business. The next section provides more details on that process. In other cases, you simply might want to look for a part-time or contract job with another company. You can use job search engines like Indeed to search via keywords, adjusting details like what type of contract you want, location, and more.
Consider starting your own business
You don’t have to work for someone else. You can become your own boss if you start your own business. Before you set up shop, research the guidelines for business formation in your state. You may also want to consider registering your business in another state—for example, one with better tax benefits. There are many resources to help you on your entrepreneurial journey, such as the U.S. Small Business Administration.
Get creative about marketing yourself
Whether you’re trying to land an employed role or starting your own business, marketing is essential. You want to present yourself in a way that makes potential employers or clients take notice. Start by creating a website that highlights your credentials, experience, and product and service offering. There are many marketing ideas you can try, from running competitions to attending networking events.
Expand your options with additional credentials
If you’re struggling to find a way to earn extra money that excites you, consider pursuing additional education. For example, say you want to become an interior designer. There are online courses you can take to fine tune your skills and make yourself more marketable. When looking at online courses, make sure they’re accredited. The benefit of distance learning is that you can study when and where you want.
Money worries can be stressful. One way to improve your financial situation is to earn more cash, for example, through a side hustle. From interior decorating to starting your own business, there are many options to consider.
For more content like this, check out the Millennial Going Down blog.
About the Author: Nicola Reid is an entrepreneur and small business owner. She created Business4Today to provide access to the resources members of marginalized groups need to turn their entrepreneurial dreams into reality. Through her site, she hopes to support the growing number of people of color, women, and members of the LGBTQ+ community who are taking the leap into small business ownership.
